Standard & Poor's Depositary Receipts
The Standard & Poor's Depositary Receipts were launched by Boston asset manager SSgA State Street Global Advisors on January 29, 1993 as the first exchange-traded fund in the United States (preceded by the short-lived Index Participation Shares that launched in 1989); and are part of the SPDRs ETF chain.[1][2][3] Designed and developed by American Stock Exchange executives Nathan Most and Steven Bloom,[4][5] the fund first traded on that market, but has since been listed elsewhere, including the New York Stock Exchange (NYSE: SPY). This specific fund is now called SPDR S&P 500 ETF. For a long time it was the largest ETF according to market capitalization; it has since been replaced by Vanguard's VTI.[6]
According to web glossary InvestorWords.com:
One SPDR unit is valued at approximately 1/10 of the value of the S&P 500. Dividends are distributed quarterly, and are based on the accumulated stock dividends held in trust, less any expenses of the trust.[7]
The sponsor is PDR Services LLC, a wholly owned subsidiary of American Stock Exchange LLC.
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[edit] Competition
Other ETFs that are based on the S&P 500 index include:
[edit] Regular
[edit] Inverse
[edit] Leveraged 200%
[edit] Inverse leveraged 200%
[edit] Leveraged 300%
[edit] Inverse leveraged 300%
[edit] See also
[edit] References
- ^ John C. Bogle, 'Value' Strategies, Wall Street Journal (Feb. 9, 2007).
- ^ Wilfred Dellva, Exchange-Traded Funds Not for Everyone, Journal of Financial Planning (Apr. 2001).
- ^ Jennifer Bayot (2004-12-10). "Nathan Most Is Dead at 90; Investment Fund Innovator". New York Times. http://www.nytimes.com/2004/12/10/obituaries/10most.html. Retrieved 2008-04-23.
- ^ Carrel, Lawrence (2008), ETFs for the Long Run, John Wiley & Sons, 2008, ISBN 978-0-470-13894-6
- ^ http://ir.nasdaq.com/releasedetail.cfm?releaseid=206581
- ^ "Largest ETFs: Top 25 ETFs By Market Cap". ETFdb. http://etfdb.com/compare/market-cap/. Retrieved 2010-11-03.
- ^ "SPDR". InvestorWords.com, WebFinance, Inc.. http://www.investorwords.com/4632/SPDR.html. Retrieved 2008-04-23.
